Q. Who introduced the time element in price analysis?
Answer: Alfred Marshall
Notes: Marshall, who propounded the theory that price is determined by both demand and supply, also attached great importance to the time element in the determination of price. Introduced time period analysis into the pricing process to reveal the distinct impact of each of the two forces on the price of a product over different time periods.

This question is part of 40000+ General Studies MCQ Series Course on GKToday Android app. Question Number: 85 in General Studies Mock Test - 74 in above course in App.